India’s automotive industry is poised to rank number three in the world by 2030, with several schemes such as the Rs 25,938 crore PLI for Automobile and Auto Components supporting the sector’s growth, the government said on Monday, PTI noted.
The MHI (Ministry of Heavy Industries) is organising a conference on Tuesday to review the Production Linked Incentive Auto Scheme, which will be chaired by the Minister of Heavy Industries, Mahendra Nath Pandey, PTI said.
“MHI considers the PLI-Auto applicants of automotive industry as one of the crucial stakeholders of the scheme, the ministry stated.
The stakeholders expected to be present in the meeting include PLI-Auto applicants, test agencies etc, who will share their knowledge and address concerns, PTI noted.
“The cascading effect of these schemes will lead to the growth of the automotive industry and it is poised that the Indian automotive industry will rank number three in the world by 2030. MHI considers the PLI-Auto applicants of automotive industry as one of the crucial stakeholders of scheme,” an official statement said.
India aims to double its auto industry size to INR 15 lakh crore by end of year 2024. There has been an FDI inflow of US$ 33.77 billion in the industry from April 2000 till September 2022, which is around 5.48% of the total FDI inflows in India during the same period, PTI said.